Cryptocurrency exchange Nexo announced on August 30 this year that it has allocated an additional $50 million for a discretionary and regular repurchase of its NEXO tokens on the open market.
According to the company’s statement, this will be the second time the exchange has invested in buying back its tokens this year. The first was in May, when they announced a buyback of $100 million in NEXO tokens.
Nexo wants to demonstrate its liquidity
Antoni Trenchev, co-founder and managing partner of Nexo says the $50 million The grant indicates that the company maintains a “solid liquidity position” at a time when many cryptocurrency exchanges have had to shut down operations.
“The additional allocation of $50 million to our repurchase program is due to our solid liquidity position and Nexo’s ability and readiness to stimulate its own products, tokens and community, as well as its externally-facing injection program liquidity into the industry,”
Trenchev added that despite a “challenging market environment,” the company and The NEXO token has been developing in sync with BTC and ETH, proving the stability and demand of the asset. Currently, Nexo’s total market capitalization is over $581 million, according to CoinMarketCap.